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KGHM predicts high yearly profits as copper price rises

2007-08-22 00:00
publikacja
2007-08-22 00:00
"This is not a very optimistic forecast but it is very realistic. The expected results were increased due to high copper prices which, according to the forecast, are to remain on a high level," said KGHM deputy president Marek Fusiński.

The KGHM management board earlier assumed that the price of copper will be $5,700 (zł.15,960) per tonne, while now it believes that it will amount to $6950 (zł.19,460) per tonne. The profit growth will mean an increase in KGHM employees salaries. Employees will receive a record zł.300 million in bonuses. Last year the company generated a net profit of zł.3.4 billion and in H1 this year it has already posted a net profit of zł.1.8 billion. (Puls Biznesu, p. 11; Rzeczpospolita, p. B6; Parkiet, p. 5) E.B.


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